NEW YORK, Dec. 12, 2007 LAWFUEL – The Legal Newswire — Squitieri & Fearon, LLP has filed a securities fraud class action lawsuit in the United States District Court for the District of Arizona on behalf of purchasers of Syntax-Brillian Corp. (Nasdaq:BRLC) securities between May 1, 2007 and September 13, 2007.
The case is styled as Tsirekidze v. Syntax-Brillian Corp., under Case No. 2:07-cv-02204-JWS. A copy of the complaint stating the claims in the lawsuit is available from plaintiff’s counsel, Squitieri & Fearon, LLP, at 212-421-6492 or [email protected]
The Complaint charges that Syntax-Brillian Corp., a designer, developer and distributor of high definition televisions (HDTVs) in liquid crystal display (LCD) and liquid crystal silicon (LCoS) formats, has reported explosive growth due largely to reportedly increased sales to a Chinese distributor South China House of Technology (“SCHOT”).
Throughout 2007, up to late August 2007, the Company and defendants have been issuing a series of increasing bullish statements about the Company’s sales and revenues and prospects and also selling stock on two occasions (May 2007 and August 2007) in the midst of the bullish revenue and profit guidance statements. The statements served their
purpose: Syntax stock price was buoyed by these statements in the $6-$7 range allowing Syntax to sell hundreds of millions of dollars of stock.
On September 13, 2007, after disclosure of previously concealed omitted facts, including a failure of adequate accounting systems and an approximately 35% shortfall in previously anticipated revenues, the price of Syntax stock fell over 30% causing loss and damage to all purchasers of Syntax stock on the open market.
Purchasers of Syntax-Brillian securities between May 1, 2007 and September 13, 2007 who wish to serve as lead plaintiff must file a motion with the Court by January 15, 2008. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Plaintiff in the lawsuit is represented by Squitieri & Fearon, LLP. For more information regarding the lawsuit, to obtain a copy of the complaint, have any information relevant to the lawsuit, or wish to serve as lead plaintiff, please contact attorney Lee Squitieri at Squitieri & Fearon, LLP at 212-421-6492 or [email protected]
More information on this and other class action can be found on the Class Action newsline at http://www.primenewswire.com/ca.
CONTACT: Squitieri & Fearon, LLP